Taiwanese electronics manufacturer Foxconn Technology [2354:TT] has unveiled two electric vehicle (EV) models, namely the Model B crossover SUV and Model V pickup truck, as reported by Nikkei Asia on October 18. Rather than selling vehicles under its own brand, Foxconn intends to assemble electric automobiles for automotive clients, and the newly announced Model B and Model V are concept vehicles designed to entice carmakers. The firm aims to mass-produce the models by 2024 in Taiwan, Thailand, and the US. Liu Yangwei, chairman of Foxconn, stated that the company expects to utilize the Mobility in Harmony (MIH) platform, which is an open EV ecosystem that promotes collaboration in the mobility sector, to cut both car design time and development expenses in half.

Electronic device demand, notably Apple’s [AAPL:US] iPhones, has declined in recent years. As a major contractor of Apple, Foxconn has been attempting to penetrate the EV and semiconductor sectors for several years. The company aims to capture 5% of the global EV market by 2025, generate TWD1tr (USD35.78bn), and ship 500,000 to 750,000 vehicles each year. The Thailand Board of Investment has approved a THB36.1bn (USD1.04bn) joint venture between Foxconn and Thailand’s state oil corporation PTT to build EVs. In eastern Thailand, the joint venture would first construct a factory with an annual manufacturing capacity of 50,000 vehicles. By 2030, it intends to increase that number to roughly 150,000.

Sources:

https://asia.nikkei.com/Business/Automobiles/Foxconn-to-expand-EV-production-in-Thailand-and-U.S

https://www.yicai.com/news/101565472.html

https://finance.eastmoney.com/a/202210182532135491.html

https://36kr.com/p/1961166257240450

https://nev.ofweek.com/2022-10/ART-71008-8460-30576607.html

https://auto.cctv.com/2022/06/14/ARTIfjn2xLvWV5sjv1sQaPii220614.shtml